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Shares in Betway and Spin owner Super Group leapt more than 16% following the release of the operator’s Q2 2023 financial results.

Revenue for the quarter was up 18.7% year-on-year to €380.8m.

The increase was driven by growth in markets across Africa, the Middle East and Europe, partially offset by declines in North American revenue.

Revenue breakdown

Still, North America remained the company’s largest region by revenue generated, as it brought in €137.1m, albeit down 3.5% year-on-year.

North America was the only geographical region where the Spin brand outperformed Betway, generating 72.6% and 27.4% of revenue, respectively.

Africa and the Middle East was the next best-performing geographical region, generating €110.3m in revenue during the quarter, up 73.5% year-on-year. 

Across the region, the Betway brand accounted for 99.7% of revenue with Spin generating just 0.3%.

In the Asia-Pacific region, revenue was down 10.7% to €69.1m, with a brand split of around 60/40 in favour of Betway.

Europe generated impressive growth of 87.2%, as revenue from the region totalled €57.1m. Around two-thirds of that revenue came from the Betway brand.

Meanwhile in Latin America, revenue was down by 1.4% to €7.1m, distributed fairly evenly between the Betway and Spin brands.

Across both brands globally, the number of monthly active customers increased by 40% year-on-year to 3.7 million, Super Group said.

Results and commentary

The overall improved revenue seen in Q2 helped Super Group generate operational EBITDA of €70m during the quarter, up around 30% year-on-year.

The EBITDA consisted of a positive contribution of €82.6m excluding the US, together with an EBITDA loss of €12.6m in the country.

Overall profit for the quarter was €27.6m, and Super Group ended the period with €228.7m in cash and cash equivalents.

“Super Group has delivered financial results that reflect our ongoing focus on both an optimised global footprint and investment in long-term growth,” said CEO Neal Menashe. 

“This quarter’s strong revenue performance has delivered enhanced economies of scale in multiple markets, resulting in significant year-over-year growth in operational EBITDA, ex-US. 

“We remain confident in our business model and focused in our search for future growth opportunities in the global online casino and sports betting industry,” he concluded.

Super Group CFO Alinda van Wyk added: “Our monthly active customer numbers continue to show momentum reaching 3.7 million which we believe is a key driver for future growth.

“With regards to the US, the business is tracking in-line with expectations and we are confident in our strategy.”

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